Add a Fixed Asset in QuickBooks

As a user, you may want to know how to add a fixed asset in QuickBooks for better financial management. Monitoring fixed assets helps businesses keep track of their value and plan for future repairs or upgrades.

In this blog, we will walk you through the process of adding fixed assets to QuickBooks, whether you are using the online or desktop version.

How to Add a Fixed Asset in Quickbooks Online?

Add a fixed asset account in QuickBooks Online to track the value and depreciation of your company’s assets, such as:

• Land and Building.
• Automobiles.
• Machinery and equipment.

Note: Assets depreciate over time. The drop in value is called depreciation.

Step 1: Verify if you have an asset account already.

Check for an asset account before tracking a new asset to avoid duplicates.

• Select Chart of Accounts in Settings
• Use the Type header to sort your Chart of accounts by account type.
• Find accounts labeled “Other Current Assets” or “Fixed Assets” in the Type column.

Note: If the Detail Type column describes the asset, your accounts are set up. You don’t need to create another asset account.

Step 2: Create an Asset account.

• Select Chart of Accounts in Settings.
• Select New.

Note: A panel labeled New account or New category will appear based on your account view.

• Choose the methods below for the next steps.

Step 2.1: Steps to add a fixed asset to QuickBooks online new account panel

• Select Fixed Assets or Other Assets from the Save Account dropdown.
• Choose the asset description from the Tax form dropdown.
• Type a name in the Account name field.
• Choose a start date and current asset balance for the opening balance field. Leave this blank if the loan is recorded.
• Hit save when finished.

Step 2.1: Steps to add a fixed asset to QuickBooks online new category panel

• Fill in the Category name field.
• Expensive items or Other accounts can be selected in the Select category.
• Hit Next.
• Click on the option that resembles the asset and then select it.
• Indicate the starting date and opening balance for the account. The opening balance may be zero.
• Select the Save option.

How to Add a Fixed Asset in QuickBooks Online Advanced?

QuickBooks online advanced automates fixed asset tracking, book depreciation, and reporting. Here’s how to add a fixed asset in QuickBooks Online Advanced.

Step 1: Get to the Fixed Asset Page

From the Accountant’s view:

• Head to Accounting.
• Choose Fixed Assets. 

In Business view:

• Proceed to Bookkeeping.
• Pick Fixed Assets. 

Step 1.1:  Add a single fixed asset

• Add a new asset by selecting Fixed Assets in Accounting. Complete fixed asset details such as:
  • Price.
  • Method of depreciation.
  • Start of depreciation.
  • Life usefulness.
  • Add accumulated depreciation for a depreciating fixed asset. 

Note: The depreciation amount must match QuickBooks for proper schedule calculation. Manually adjust entries if required.

• Asset record.
• Account for depreciation expense.
• Depreciation account.
• Click Save.

Step 2: Add Multiple Fixed Assets

In case you are wondering how to add fixed asset to QuickBooks online, if you have multiple of them, then follow the steps below to do so. 

• Access Accounting, then choose Fixed Assets and Add multiple assets.
• Initiate by selecting a field on line 1 for your first asset.
• Input asset details in fields or duplicate from a spreadsheet:
  • Purchase price
  • Depreciation method
  • Depreciation start date
  • Useful life
  • Accumulated depreciation (if applicable)
  • Asset account
  • Depreciation expense account
  • Accumulated depreciation account
• Replicate steps 2 and 3 for additional assets on separate lines.
• Save when done; QuickBooks imports assets to Fixed Assets.
• Ensure the Fixed Assets page remains open during upload.

How to Add Fixed Assets in QuickBooks Desktop?

Fixed Asset Manager in QuickBooks requires adding assets for accurate tracking and management. Follow these steps on how to add fixed assets to QuickBooks Desktop:

• Open QuickBooks Fixed Asset Manager on your computer.
• Access asset detail records by clicking the “Asset Details” tab or menu.
• Find the “Add Asset” button/option and click to create a new asset detail record.
• Enter asset name, description, acquisition date, cost, and salvage value. Ensure the asset is assigned the right asset class.
• Click “Save” or “Done” to save the asset detail record after entering all required information.
• To track all fixed assets in QuickBooks Fixed Asset Manager, repeat the above process.

What are the Benefits of QuickBooks Fixed Asset Manager?

QuickBooks Fixed Asset Manager is a module in QuickBooks Desktop that tracks, manages, and reports fixed assets. QuickBooks Fixed Asset Manager provides several benefits to businesses.

• It replaces manual spreadsheets with centralized tracking for current and accurate asset data.
• Depreciation calculations are automated with this module, reducing manual errors.
• Depreciation schedules, asset lists, disposal information, and tax-related details can be viewed through FAM insightful reporting. 
• Seamless integration with other QuickBooks Desktop modules like general ledger and accounts payable.

By understanding the procedure on how to add fixed assets in QuickBooks given in this blog, businesses can accurately record their fixed assets monitor their value, and plan for future repairs and upgrades.

Frequently Asked Questions